Richard Wolff: Is global economic collapse inevitable?

“Thought-provoking economist Richard Wolff returns to Los Angeles to discuss the mounting global turmoil as capitalism relocates from old centers in Western Europe, North America, and Japan to new ones in China, Brazil, India and elsewhere in what used to be called the Third World. ‘Old institutions—stock markets, unions, and governments—cannot manage that relocation’s social effects,” Wolff reports, “so economic well-being for most of us will fall as costs rise, wages stagnate, and benefits shrink.’

Author of the brilliantly insightful book Capitalism Hits the Fan, Wolff will discuss how these dire global economic trends play out locally in Los Angeles as homelessness jumps and safety nets shred, while prison and jail spending is prioritized over poverty-solving programs. “As a result, demands rise for reforms but also for system change as capitalism confronts historic challenges from within and from socialist alternatives,” he adds.” Sponsors and source for blurb: ACLU of Southern California • Democracy at Work • LA Progressive • Occidental College of Community Engagement.

“Professor of Economics Emeritus from the University of Massachusetts, Amherst, Wolff is currently a Visiting Professor in the Graduate Program in International Affairs at the New School University in New York. In recent years while delivering public lectures at many colleges and universities, as well as to community and trade union meetings, he has built a reputation for blunt speaking, clarity, refreshing scorn, and an enjoyable wit. Wolff is the author of many books, including Democracy at Work: A Cure for Capitalism, Occupy the Economy: Challenging Capitalism and Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He hosts the weekly hour-long radio program Economic Update on Pacifica Radio and writes regularly for The Guardian, Truthout.org and the MRZine.”